The JPY weakness extended beyond 119.00. Economists at OCBC expect the pair to reach the 120 level but remain cautious about further gains beyond this mark.

Underlying weak-JPY drivers are very much intact

“The upcoming quarter-end flows should keep the USD/JPY bid in the coming sessions.”

“The underlying weak-JPY drivers are very much intact, and the recent improvement in risk sentiment could provide a further negative.”  

“Do not rule out a sharper test of the 120.00 resistance ahead, but (for now) stay cautious about significant further upside beyond that psychological level.”